After the Final Round, a Company Changes its Mind

By

Michael Crehan

Jun 15, 2009 7:30 am ET

Mr. Crehan spent the last eight years as a senior vice president at Lehman Brothers Holdings in the ratings advisory group and left his position in March 2008. Previously, he was a director at S&P. He earned an M.B.A. from Babson College in 1982. Mr. Crehan lives in Fairfield, Conn. with his wife. He has two children.

I have had the unfortunate experience of living through several examples of why job-hunting in this recession is different from other searches. Last week, I had a dialogue with a financial services firm that capped an almost four-month process. I was told I was their leading candidate for the position, yet during the same call it was disclosed they were stopping the process, citing headcount issues. Talk about a good news/bad news conversation. The immediate reaction was a one part numbness, one part sadness, one part disappointment, one part anger. If there is a silver lining it was I did not let the news sledge hammer me like I though it might, given how close I had come to ending this job search. In addition, I was told at the outset by HR that this was a ‘must fill’ position, in light of the supposed importance this role had. Would I have preferred to have known a few months earlier that this was not going to work out? I suppose the martyr in me says yes, but it does help one’s frame of mind and daily outlook when you feel you are alive and kicking with one or several searches. Of course, not twenty minutes later that same day I was informed that another interesting search (great fit) was being put on hold. This is why some days it pays to sleep in.